Amadeus FiRe (AAD) investor relations material

Market environment and macroeconomic trends

• Germany experienced prolonged economic stagnation, with real GDP declining by 0.5% in 2024 and only slight growth of 0.2% in 2025, leading to high unemployment and inflation rates in 2026.

• Business sentiment remained pessimistic, resulting in reduced investment, delayed decisions, and a slowdown in day-to-day operations.

• The personnel services and training markets were affected by economic uncertainty, with companies reluctant to hire and candidates hesitant to change jobs.

Financial performance and segment results

• Group revenue declined 16.8% to €363.6 million in FY 2025, with operating EBITA at €13.7 million, impacted by restructuring expenses; excluding these, EBITA was €19.8 million.

• Personnel Services segment revenue fell 22.8% to €207.5 million in 2025, with EBITA margin dropping to 6.1% due to weak demand and economic risks.

• Training segment revenue decreased 7.2% to €156.3 million in 2025, with EBITA margin at 0.7%, heavily affected by restructuring at Comcave and declining B2G participation.

• Q1 2026 showed early signs of stabilization, with group revenue up 3.5% from Q4 2025, though still down year-over-year.

Strategic initiatives and acquisitions

• Strategic acquisitions of Masterplan (SaaS B2B e-learning) and eduBITES (AI-driven corporate knowledge platform) in 2025 expanded digital training capabilities and recurring revenue streams.

• Integration of these platforms aims to strengthen the digital B2B training market position and create cross-selling opportunities.

• The group is pursuing an 'AI First' strategy in training, focusing on scalable SaaS solutions and personalized learning content.